Europe turns to Central Asia for critical minerals as Kazakhstan, Uzbekistan seek value

Europe’s demand for critical minerals has brought mining and processing investments with Kazakhstan and Uzbekistan to the agenda. Both countries want to gain more value by processing minerals domestically instead of exporting raw materials.

Europe’s growing demand for critical minerals is accelerating talks with Central Asian producers on mining and processing investments. Kazakhstan and Uzbekistan aim to generate greater added value by processing minerals domestically rather than selling raw materials and concentrates.

Germany and Kazakhstan adopted a 2026-2028 roadmap in a joint declaration published on September 29, covering industrial cooperation, mining and processing, and the production of higher-value-added products in Kazakhstan. Investment in German company HMS Bergbau AG’s project in Kazakhstan could reach $500 million if commercially viable reserves are confirmed; the project is still in the exploration and development phase.

Saf tungsten kristalleri (arşiv)

In Uzbekistan, the TMK company, which works with tungsten and molybdenum, produces industrial goods such as tungsten oxide, carbide and molybdenum rods. Timur Khikmatullaev, the company’s special representative for global integration, said, "The main reason is to create value. We create the value at every stage and then export it." The company submitted more than 140 investment projects with a combined estimated value of $4.2 billion and signed a pre-export financing term sheet with French bank Société Générale on October 16.

Cooperation in the region is not limited to Europe. Azerbaijan’s state-owned mining company AzerGold is seeking permission to launch an 18-month exploration program at the Akba gold deposit in Uzbekistan’s Qashqadaryo region. AzerGold Uzbekistan General Director Ilyas Ismayilli said they plan to establish a joint venture and develop the deposit if the results are positive.

Europe turns to Central Asia for critical minerals as Kazakhstan, Uzbekistan seek value